In its first step towards the futuristic city of Akon, Akoin, the cryptocurrency business chaired by global artist Akon, can now be used to pay for goods and services in a western Kenyan city.
According to a version released with CryptoSlate, the move is part of the company’s test run for the cryptocurrency. A selected group of residents receive their salaries in the AKN token and can use the token to pay for food and drink, gas, clothing and medical services in Mwale Medical Technology City (MMTC).
Pictured: Akon (L) with stellar founder Jed McCaleb (C) and Jon Karas (R)
The development stems from an announcement earlier this year that Akoin would power the $ 2 billion MMTC project, which is estimated to be home to over 35,000 people and thousands of companies.
Akoin to oversee the process first
Akoin and MMTC will monitor the study, which begins later this month, to analyze data, extract the numbers, and prepare to expand the study to even more residents in the city in December, before AKN becomes the only currency in MMTC will be used in early 2021.
Akoin views the process as the first step towards introducing the token in other African cities and finally in Akon City, the planned Senegalese city named after the global artist.
Julius Mwale, founder of MMTC and New York-based entrepreneur, outlined his vision of bringing cryptocurrency to his city at last month’s virtual cryptocurrency conference. “BlockDown 3.0. ”
Transactions during the trial period use Atom swaps to convert currencies instantly, as well as an Akoin credit and debit card.
By the end of 2021, Akoin aims to serve 20,000 employees at MMTC and be the primary processing platform for retail stores, payroll, airport purchases and utility services.
“Ready for the rollout”
Alongside Akoin co-founders Lynn Liss and Jon Karas, Mwale said:
“We are ready for it. We worked with the Akoin team week after week. We expect the first 30,000 transactions in the next month (November). “
Liss added that these transactions include those that use atomic swaps, as well as exchanges between AKN and Bitminutes. “We want to scale it to 1.5 million transactions per month. We expect the city to be fully completed by the end of this year. We are working on ancillary costs and invoice payments. It will be an explosive city in cryptocurrency, ”she noted.
Meanwhile, in a joint statement with Mwale, pop star Akon said the platform “can make serious strides in bringing millions of people into the formal economy, which is a critical step for economic growth.”
The development could not have come at a better time. Just yesterday, the AKN token was published on the popular crypto exchange Bittrex and has already recorded trading volumes of over $ 500,000 via its Bitcoin and USDT trading pairings.
The post-stellar-based Akoin can now be used to pay for groceries and gasoline in the Kenyan city. It was first published on CryptoSlate.
Source: Akoin from Stellar can now be used to pay for food and gas in the Kenyan city
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